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Settle Banking/Financial/Insurance Disputes ~ FMB

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  • Naam1Makkal@yahoo.com
    The Financial Mediation Bureau (FMB) is an independent body set up to help settle disputes between consumer and financial services providers who are it s
    Message 1 of 1 , Mar 14, 2011
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      The Financial Mediation Bureau (FMB) is an independent body set up to help settle disputes between consumer and financial services providers who are it's members. 

      The services provided by the FMB are free of charge.  It's a convenient and efficient avenue to refer disputes for resolution as an alternative to the courts. These disputes may be Banking/Financial related as well as Insurance and Takaful related.

      All complaints, disputes and claims other than those in the exclusion list. This will include amongst others, disputes relating to the following:

      • Banking/Financial related
      • Personal Loans or Personal Financing
      • Housing Loans or House Financing
      • Automated Teller Machine (ATM)
      • Cash deposit machine
      • Credit/Charge Card or Credit/Charge Card
      • Hire Purchase or Hire Purchase
      • Savings Account or Savings Account
      • Current Account or Current Account
      • Fixed Deposit or General/Special/Specific investment account
      • Remittances
      • Electronic Banking
      • Internet Banking
      • Insurance/Takaful related

      In addition, with respect to insurance and takaful related disputes, FMB can help with all disputes between policyholders/certificate holders/claimants and their own or third party insurers/takaful operators.

      JURISDICTION

      For complaints, disputes or claims involving a financial loss, the amount claimed should not exceed the following:

      Banking/financial related :

      RM100,000 (except for fraud cases involving payment instruments, credit cards, charge cards, ATM cards and cheques for which the limit is not more than RM25,000)

      Insurance/takaful related :

      RM200,000 (Motor and fire insurance/takaful)
      RM100,000 (Others)
      RM5,000 (3rd party property damage)

      EXCLUSION

      The FMB will not consider complaints, disputes or claims relating to general pricing, product policies or services of the members, credit decisions (approval, rejection and rescheduling of loans), fraud cases (other than for fraud cases involving payment instruments, credit cards, charge cards, ATM cards and cheques for which the limit is not more than RM25,000), cases whic are time barred or more than 6 years and cases that have been or are referrefed to the court and/or for arbitration.

      EFFECT

      Award or decision of the FMB is binding on the institutions but not the complainant.

      You can go personally to the FMB or write to them by stating briefly the nature of complaint, or claim together with a copy of the relevant correspondence from the financial services provider.

      The FMB can be contacted at the following address:

      The Financial Mediation Bureau
      Level 25, Dataran Kewangan Darul Takaful
      No. 4, Jalan Sultan Sulaiman
      50000 Kuala Lumpur.

      Tel : 03 2272 2811, Fax : 03 2274 5752

      Email: enquiry@ fmb.org.my


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